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investors to build roads, the olympic facilities, et cetera. at the same time tax evasion and tax cuts for the rich did not allow, did not allow us to have a balanced budget all previous years. and so, therefore, when the markets crash in 2008 both spain and greece were heading on the road towards disaster. in spain, just like in ireland, the housing market crashed, prices still, people ended up with homes that were worth less than their loans. many people went bankrupt. when banks started having problems, the government intervened and took on its debts in this way, both banks and government went bankrupt. increase, the government directly went bankrupt because it was the one that had borrowed to a very high degree after words. the governments that had lent money to the state also went bankrupt. and afterwards investors themselves went bankrupt. very soon if the entire country had gone bankrupt. due to the structure of the euro zone where countries without a central bank behind them needed -- bailout of the banks and where the banks needed to continue lending money to bankrupt states,
to take a profit before the higher capital gains taxes can kicked in at the beginning of the year. what's happening today is investors choosing to get out of the stock because competition is becoming more of a factor. there are these quality alternatives going strong these days. i'm talking about the tablet and the smartphone arena. it's getting crowded. what you're seeing is the average price is still around $700. a lot of people are still sweet on apple shares even though it plunged today, wolf. >> steve jobs died about a year and a half ago. what does all of this say about tim cook's tenure as the apple's ceo? >> it says you know what, you're going to get the blame, tim cook. you're the ceo so the buck stops with you. he saw the blowout of the iphone 4s and took the stocks to greater heights. it was around $375 when he took over. the price almost doubled in tim cook's first year in charge. it peaked in september when iphone 5 came out. since then, the shares have been tumbling. for one, wall street and analysts don't have much confidence that he can deliver like steve jobs did, that
running the country. policymakers who believe in structural reforms, privatization, tax reforms, budget cuts, labor mobility, and they need to be competitive both internally and externally. if you don't have, if you don't have plans like that you will not get them back to growth anytime soon. so it's very, very important that you do that. seven, the point is the private sector. and i think this is a problem. because at the beginning there was no interest in the case of greece and some of these other countries involved in the private sector. and, in fact, it was a when things got so bad that greece called upon the private sector with the european union. the european central bank and the international monetary fund, to really get the private sector involved. and there you had a big haircut that could've been dealt with earlier. it would have been as bad and now they just have to do another debt buyback problem, operation, which is still a problem. so i think the idea getting the private sector involved early on, and we show this both in latin america and asia, the asian financial crisis.
Search Results 0 to 4 of about 5 (some duplicates have been removed)

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